This invention relates to an improved artists' portfolio, for the purpose of retaining and transporting sheet material such as prints or photographs, in a manner affording protection during carriage but enabling the contents to be displayed individually when required. It is an object of this invention to provide a portfolio which is a further improvement on that described in our patent application Ser. No. 15,342 filed Feb. 26, 1979 and now U.S. Pat. No. 4,213,520 in which the sheet material is fully protected when closed and which may be opened and erected to form an easel-like structure in a simple manner, and which enables both sides of the sheet material to be displayed over the easel-like structure formed from the portfolio parts. The primary object of this invention is to provide a portfolio which is more rigid when erected and which can be transported in the erected state.